Minnesota experiences some pretty wild weather, both up north and in the central part of the state. The state of Minnesota has some pretty extreme weather, especially in the winter with those harsh temperatures and in the spring with all those tornadoes. Hence, because of that, home insurance rates in Minnesota tend to be higher than the national average. Read on to learn about the best and cheapest mobile Minnesota home insurance coverage and the average home insurance cost in Minnesota.
Let’s set the ball rolling…
Best Minnesota Home Insurance
The best Minnesota home insurance coverage includes the following:
#1. Allstate
If you insure both your house and car with Allstate, you may save as much as 25% on your premiums. You can save even more money by never filing a claim and always paying your premium on time, in addition to the multi-policy discount. Allstate provides house insurance with customizable features like sports equipment and identity theft protection. Allstate also provides an environmental improvement endorsement that will pay for the supplementary costs associated with replacing lost or damaged property with environmentally preferable options. Although Allstate provides a number of discounts, their average rates are significantly higher than the state of Minnesota’s.
#2. Auto-Owners Insurance
If you’re looking for supplemental coverage on top of your standard homeowners’ insurance policy in Minnesota, Auto-Owners Insurance is a great option. Auto-Owners Insurance provides additional coverage options such as guaranteed replacement cost, water backup, inland flooding, and more. While auto owners’ rates in Minnesota are higher than average, the firm does offer a number of reductions, including some that are simple to obtain by going paperless or setting up automatic payments.
#3. Country Financial
There are three levels of home insurance coverage provided by Country Financial: basic, premier, and hybrid. The combo policy from Country Financial provides more protection against direct physical loss to the house, while the premier policy provides more protection against damage to your possessions. Besides the standard policy coverage, Country Financial offers many coverage choices, like regular personal property, earthquake, basement pump and sewer backup, and ID theft. Country Financial may not be the cheapest option for Minnesota homeowners insurance, but it does offer certain incentives that could help lower your premium. You should know that Country Financial is only offered in 19 different states at this time. Homeowners who are considering relocating outside of Minnesota should check to see if Country Financial provides service there.
#4. State Farm
State Farm is highly regarded as one of the best Minnesota house insurance providers because of its strong financial stability ratings, excellent client service ratings, extensive variety of policies for homes of varying sizes, and nationwide availability.
This is one of Minnesota’s most popular home insurance companies because of its reliable and friendly customer service. This is true at every stage of the customer lifecycle, from browsing and purchasing a policy to adjusting your coverage and making a claim. State Farm is able to do this because of its vast network of local agents, who are familiar with the hazards presented by local weather and the specific insurance requirements of their neighborhood.
#5. American Family
American Family is one of the top house insurance companies in Minnesota, especially for customers who wish to add coverage to a basic policy. In addition to their low prices, AmFam’s customer service is highly regarded.
When it comes to home insurance in Minnesota, American Family is a popular choice. American Family Insurance allows you to add up to fifteen different types of coverage, such as inland flood, equipment failure, and service line coverage, to your policy. AmFam’s rates are higher than the state average in Minnesota, but there are ways to save money, such as paying for an entire year at once, going paperless, and setting up an automatic payment plan.
Read also: MOBILE HOME INSURANCE: HOW DOES IT WORK?
Cheapest Home Insurance in Minnesota
The cheapest home insurance in Minnesota includes the following:
#1. North Star Mutual
This is one of the cheapest home insurance companies in Minnesota. The annual rate for home insurance in Minnesota is $980, which is half the state average. Its package provides coverage for most dangers, including burglary, storm damage, and fire. Extended replacement cost coverage, for example, protects you for up to 25% more than your coverage limit if you purchase it in addition to your primary policy. More than a dozen optional enhancements are available from North Star.
#2. Progressive Home Insurance
If you have Progressive home insurance, you’ll be happy to know that they offer really competitive rates. Oh, and by the way, Progressive has a pretty low number of complaints when it comes to home insurance. Progressive’s overall rating took a hit because they don’t offer extended or guaranteed replacement coverage.
#3. American Family
Homeowners in Minnesota can benefit from American Family’s (AmFam) good personalization options, exceptional customer service, and reasonable premiums. American Family offers quick online quotes and a well-rated mobile app for managing your policy, claims, and payments.
In addition, if you bundle your home and car insurance with American Family, you may save up to 23% off your cost, which is a significant discount compared to the industry average. AmFam also offers additional typical discounts such as loyalty discounts, refurbished house discounts, and discounts for automatic payments. Hence, because of this, the American family may actually work out to be the more affordable option.
#4. Westfield Home Insurance
In the course of our study, it was observed that Westfield is one of the cheapest home insurance companies in Minnesota. It had the most competitive average pricing among the house insurance firms that achieved the highest scores. Although Progressive offered lower prices, it did not receive a top ranking in our research. Westfield provides enhanced insurance coverage options, including prolonged replacement cost and certified equivalent cost coverage.
#5. Allstate
When comparing the online experiences of Minnesota-based businesses, Allstate is among the most user-friendly and cheapest home insurance companies in Minnesota. In less than 10 minutes, you may fill out the insurer’s online form and have a price and policy in hand. The Allstate mobile app facilitates the handling of premium payments, claims, and home inventories.
When compared to other home insurance providers in the state, Allstate is among the cheapest. Coverage for things like green home remodeling, sump pump backup, landscaping, and yard equipment are all available as add-ons for an additional premium. Although Allstate receives few complaints, the company’s J.D. Power score is average at best. Allstate could be a fantastic option if you place a high emphasis on shopping for insurance online.
How to Get the Cheapest Homeowners Insurance in Minnesota
Below are ways to get the cheapest homeowners insurance in Minnesota:
#1. Know the Difference Between the Market Value and Insurance Value of Your Home
Knowing the difference between market value and insurance value is another important way to avoid getting coverage you don’t need. The market value and the insurance value of a house are not the same thing. The market value of your home is how much it would be worth if you bought or sold it. If something bad happens to your house, like a fire, the insurance value tells you how much it will cost to rebuild it. The amount of insurance you get could be more or less than what your home is worth on the market.
Also, you don’t include the value of the land when you figure out how much insurance you need. Home insurance coverage is based on how much it would cost to fix or rebuild the house. The value of your home’s insurance won’t change if you own half an acre or ten acres of land.
#2. Check for Coverage You Don’t Need
Going over your policy is another good way to start getting cheap home insurance. You should check that the benefits, limits, and deductibles are right for you. Check your house to see if you’ve made any changes that could have made you less of a “risk” to your insurance company. If you got rid of a spring that was making your house insurance rates go up, let your insurance company know that the trampoline is gone and see if they can lower your rates.
Your risks may have gone down since you added those things. Like, have you put in a security system? Or, you should let your insurance company know if you have bought smart home technology like sensors that turn off the water or gas. Things like these often help bring down rates.
#3. Find Out How Much You Can Save by Raising Your Home Insurance Deductible
If you raise your home insurance deductible, ask your agent how much you can save. The deductible is the amount that is taken out of an insurance claim check. If you lower the amount of money that could be lost, your home insurance should be cheaper. Our study of house deductibles shows that raising the deductible from $600 to $1,000 can save homeowners an average of 7% on their home insurance. Most of the time, homes can save 16% by raising the deductible from $600 to $2,000.
#4. Be Aware of an “Attractive Nuisance”
Tree homes, trampolines, skateboard or bicycle ramps, and swimming pools are all examples of “attractive nuisances.” Because of the increased likelihood of serious harm or death to guests—and thus, litigation against you—the insurer views these as a “high-risk” addition to your property. Insurance companies charge less for homes that are not in flood zones. Some homeowners insurance policies, for instance, include a “trampoline surcharge” to reflect the higher claim probability associated with trampolines.
#5. Replace Your Old Shutters and Roof
You should probably consult your insurance agent before you start replacing your roof. Homeowners may save money on their insurance premiums by switching to a more cost-effective roofing material. For instance, you might be able to get a discount on your homeowner’s insurance if you install impact-resistant roofing tiles, which are made to withstand damage from hail, high winds, and flying debris. Discounts on homeowner’s insurance may be available for homes that have impact-resistant glass and storm shutters.
#6. Examine Homeowners Insurance Rates Before Making a Purchase
Doing some preliminary homework can help prospective homeowners save money on their homeowner’s insurance premiums. You’ll want to examine pricing considerations like the age of the home and the stuff it is made up with, such as wiring, plumbing, and heaters. You should also consider things like the possibility of severe weather, such as hail or a tornado. Your prospective home’s location may require the purchase of additional insurance policies, such as flood insurance and earthquake insurance if such hazards are common in the area.
What Is the Cost of Average Home Insurance in Minnesota?
In the state of Minnesota, the mean annual cost for homeowners insurance is $1,859, equivalent to around $152 per month. This cost pertains to an insurance policy providing coverage for residential dwellings valued at $300,000. This figure represents a 4% increase compared to the annual national average of $1,754.
Mobile Home Insurance Minnesota
Mobile home insurance, also known as home insurance, provides protection for your home and personal belongings in the event of a covered loss. Generally, this insurance coverage is designed to compensate for damages or losses resulting from events such as theft, fire, severe weather, and injuries caused by accidents occurring on your property.
Accidents are unpredictable events that can occur, and the weather is a natural phenomenon that is beyond our control. Purchasing home insurance for your mobile home is a proactive step in preparing for potential risks and protecting your investment. To ensure the protection of your valuable possessions at home, it is important to have the appropriate insurance coverage.
Is Insurance Required on Manufactured or Mobile Homes?
Similar to other forms of property insurance, having insurance for your manufactured or mobile home is not a legal requirement. However, the absence of a legal requirement does not imply that safeguarding your home is unnecessary. Homeowners are typically required by most lenders and financial institutions to have insurance. Insurance may also be required in certain mobile home areas.
Does MN Require Homeowners Insurance?
In Minnesota, homeowners insurance is not required by law. However, in order to secure a house loan, your mortgage lender will almost certainly need you to obtain a particular amount of insurance coverage.
What Is the Most Common Homeowner Insurance?
The HO-3 Special Form policy is a common homeowners insurance policy because it includes coverage for the insured’s home and belongings as well as liability, legal defense costs, and medical benefits.
Why Is Home Insurance Getting So Expensive?
Higher home insurance costs can be attributed to several factors, including more frequent and severe climate disasters, longer wildfire seasons, and increased construction costs.
Does a Credit Score Affect Home Insurance?
In states where credit is taken into account as a rating factor, it is generally true that having a higher credit rating will result in lower home insurance premiums. While there are multiple factors that determine home insurance rates, data indicates that the credit-based insurance score holds significant importance in this regard.
References
- bankrate.com
- nerdwallet.com
- policygenius.com
- valuepenguin.com
- forbes.com
